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Open your account now and get more contribution room
If you want to purchase your first home within the next few years, you can start earning contribution room now by opening a First Home Savings Account. Start before December 31st, 2023, and this year's contribution room can be added to 2024.
An easy way to start saving for your first home
Grow your savings, tax free
Our FHSA Daily Interest account can help you easily save for the purchase of your first home by growing your savings tax-free.
Contribute what you can
You can invest up to $8,000 a year (with a lifetime maximum limit of $40,000) towards the purchase of a first home. Contributions to an FHSA are tax deductible and earnings within it are tax-free when used towards buying your first home.
Set it and forget it
You have the flexibility to set up recurring contributions from your paycheque to this account—choose from weekly, bi-weekly, semi-monthly or monthly contributions with Pre-Authorized Contributions. Learn how.
Key product details
|Eligibility|| You must be:
- A resident of Canada
- At least 18 years old
- A first-time home buyer1
|Interest earned||See current rates|
|Minimum investment||No minimum contribution amount|
|Maximum investment||$8,000 per calendar year, up to a lifetime maximum of $40,000|
|Investment plan type||Registered|
Frequently asked questions
You can contribute up to $8,000 per calendar year, up to a lifetime maximum of $40,000. Your contribution room starts in the year you first open an FHSA. You can carry up to $8,000 of unused room forward to the next calendar year.
Interest is calculated on the daily closing balance and paid on the last day of every month.
Learn more about our available FHSA options here.
Yes—with certain limitations.
Any unused contribution room can be carried forward, but it can only be carried forward to the next calendar year. The maximum amount of unused FHSA contribution room that can be carried forward to the next year is $8,000. Beyond that, it is not cumulative.
For example, if you open your FHSA in December 2023 and contribute $3,000, your FHSA carryforward will be $5,000 ($8,000 minus $3,000). Your FHSA participation room in 2024 will be $13,000, calculated as follows:
$8,000 (current year) plus $5,000 (FHSA carry forward from 2023) = $13,000
Yes, if an FHSA is opened this year, $8,000 is added to your FHSA participation room. If you do not make a contribution this year, the participation room will carry forward to next calendar year. The maximum amount of unused FHSA participation room that can be carried forward is $8,000 per calendar year.
Depending on the investments within your FHSA, a deposit minimum may be required upon opening for the account to be valid and remain open.
Learn more about saving for and buying a home
This means you or your spouse or common-law partner did not own a qualifying home that you lived in as a principal place of residence at any time in the year the account is opened or the preceding four calendar years.
There are currently no service fees or charges payable to ATB Financial for the operation of the Account or for conducting any transactions. However, fees may be payable to your Dealer. ATB Financial may impose fees in the future on the Account, but you will be provided with notice prior to fees being added or changed. Any such fees and any taxes, interest or penalties payable by you may be deducted from your funds in the Account.
Related documents: Little Book of FHSA (PDF)